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Cashin In

News/Business. A practical look at money management. New. (CC)

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Detroit 12, Us 11, America 4, Washington 3, U.s. 3, Obama 2, Scottrade 2, Merrill Newman 2, Jonathan 2, Tamiflu 2, Geico 2, North Korea 2, Ethic 2, Michelle 1, Labor Union 1, Allstate 1, Obama Care 1, Solindra 1, Eric 1, Newman 1,
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  FOX News    Cashin In    News/Business. A practical look  
   at money management. New. (CC)  

    December 7, 2013
    8:30 - 9:01am PST  

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here's a basket of them, go. >> qqq. >> good, like it. slippery ride. watch out. thanks. for it for us. >> exclusive, rand's plan to resuscitate detroit, senator rand paul is here revealing his free market blueprint to get the motor city rolling again. with more cities on the brink, they might learn a thing or two before they go bust, too. plus -- >> there will be no more taxpayer funded bayouilouts, period. >> america is getting fed up. now the white house may be about to hand insurance companies another massive bailout because of obama care and you'll be paying for it. then, listen up, kids, don't be a maker, be a taker. a 6th grader getting schooled in
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liberalism and it might make parents' heads explode. >> i can't raise money, work hard, have a good work ethic, but they can beg. >> they told her to beg, but we beg to differ. cashing in, always seeking the truth, starts right now. >> hi, everyone. detroit is beaten, burned out and now bankrupt but a beam of bright light is emerging from the right. this an exclusive interview you will see only here. senator rand paul joins us from the motor city. tell us what your plan consists of. >> this is a free market plan to rescue detroit. weapon don't rescue detroit by taking money from houston or atlanta. we rescue detroit by leaving
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more money in detroit. what we've devised a plan that would dramatically lower taxes in detroit, bring the corporate income tax down to five percent, the personal income tax down to five percent, make the capital gains tax zero, take the payroll tax and bring it down for the employee and the employer. without bringing any new money to detroit, just leaving money in detroit is over a billion dollars that would stimulate detroit's economy. >> basically a flat tax but flat nonetheless. >> absolutely. flat and very low. we also look at regulations and try to get rid of the owner's regulations that's making it expensive for city government and for businesses to locate in detroit. we think if you combine all of this, that it would be the model for how you would rescue cities
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across the country but any impoverished area. we have impoverished areas in eastern kentucky. we think this same plan would rescue them and parts of louisville and other major cities. >> maybe the country while you're at it. we have had five years of spread the wealth. you didn't build that. share share economics. where has obama failed detroit? >> here's the problem. the president says let me tax houston, send it to washington, then i'll pass it out to some other part of the country. by doing so, he picks the winners and losers. he picks which businesses he thinks will succeed and then he gives them money. but too often this becomes sort of a kroeny capitalism where the government takes money from somebody who is succeeding in business and gives it to somebody who they think might
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succeed in business. he did this with solindra. he gave it to one of the richest men in the company to build solar panels but nobody wanted to buy solar panels. anybody that's been a consumer who -- or been a business that's been rewarded by the consumer, they're the ones who get the money. >> sounds a lot like -- i don't know -- capitalism. senator, president obama promised to not let detroit go bankrupt. he may have been talking about the auto industry or the city, but did the president lie? >> he's given a lot of promises. he promised we could keep our doctor if we liked them also. there have been a lot of things the president hasn't come through with. i think this is one of them and i think this is the difference between democrats and republicans. democrats are promising you something but not coming through. republicans are promising a real
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solution. this is also, we have had 50 years of trying government stimulus and it hasn't worked. now we're going to try a free market stimulus where the money gets in the hands of the businesses that can use it successfully to create jobs. >> let's turn the topic to race. let's be honest, senator, the republicans nor the democrats have done much to help african-americans get a job. five years of obama policies have led to high elevated unemployment in the black community and frankly the republicans are perceived as not caring about minorities. what's your plan? >> the republican party should compete for every voter in every city in every state. i think we do that by bringing our message to the people who haven't been hearing it and this is a message of economic empowerment. it's also a message of school choice. if you want to get ahead in our country it's through education.
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so many people in our big cities are being short changed by a bad school system. we want to make it better through competition, by giving every kid the choice. part of our economic freedom zones is that federal money that comes to detroit isn't going to the school system directly but to the kid and their parents and each parent will decide which school they want to take their money to. >> it's a plan that touches regulation and education as well. >> absolutely. >> obama care, all over the news recently obviously for obvious reasons. we had heard this week that fox news was reporting that senator harry reid exempted some of his staff from signing up for obama care. have you signed up and how was that experience for you? >> don't get me started. i'm still in a bad mood from doing that. i spent two hours on wednesday doing it. i had all of my information in, all of my most personal information so i hope they're
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not hacking into this from all over the country. i put all my information in and then i pushed the button to sign up for a plan and it went blank and i lost all my information. the other thing i found out is that when you try to learn about the individual insurance policies, you click on the view the plan to find out information, most of the time you get zero or a blank screen. occasionally you'll get information. so it is a really -- it's still an ownnerous task and i found i to be expensive. obama care is four times what i used to pay. when i was an individual physician i bought my own insurance, i paid one fourth as much as i'm having to pay for obama care. >> i'm scratching my head figuring out this thing. a lot of obama care was sold to the american public and people in the house p and the senate was that it wasn't going to cost a dime. the costs are expanding but as people like you find out when you sign up you're double,
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triple quadrupling your premiums and your deductibles as well. >> here's the problem. they call it the affordable care act. nothing about it is affordable. it's a plan full of mandates. they have told every american you no longer have freedom of choice in choosing your insurance company or your doctor. what you have are mandates and mandates are expensive. so we're going to find is that everyone is going to pay more and everyone is going to be quite unhappy when they discover it. >> we're going to let you go and maybe obama care covers that throat exam you're going to need. >> you're right. >> listen, the economic freedom plan, the zone, the plan sounds great. thank you very much for joining us and letting us break that exclusive news. >> thank you. >> our catching in crew is here and ready to roll. is an obama care bailout already
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esurance. now backed by allstate. click or call. first it was broken promises over keeping your doctor and your health plan. now this. >> no more taxpayer funded bailouts, period. >> this week the white house quietly offering insurance companies another obama bailout. it would offset costs for reinstating policies cancelled due to the health care law. this is on top of a trillion dollars we're giving insurers to offer more affordable coverage. michelle, guess who is going to pay for another bailout. >> here he is basically buying out insurance companies on top of providing them with a trillion dollars in subsidies for the next ten years and now
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we learn about a little known provision that basically says if insurance companies suffer losses three years after the implementation of obama care, we are the ones who are going to reimburse and compensate insurance companies for their losses. it's ridiculous. >> risk corridor is going to cost a trillion dollars and then the "new york times" headline this week was insurers are offered assistance for losses. this isn't free market capitalism. >> no, it certainly isn't. it's a joke. it's terrible. one trillion dollars as you said in the first ten years is the normal cost of this thing is going to be with subsidizing on top of that they're saying we're going to bail out anybody if you got your policy cancelled we'll pay for that. it's ridiculous. on top of that, he has a political agenda. his ideology is in this.
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he's going to exempt the labor union and he's going to bail the insurance companies. it's unbelievable. >> one of my biggest problems with this on top of the money is that again it's the white house dealing directly behind the american people's back, going to the insurance companies and saying, look, if you have losses don't worry about it, we'll take care of that. just don't tell anyone. >> well, i have a problem with that, too, eric. i think your viewers are smart because they understand that you can't have this president be a socialist and then he's a communist as wayne said but he's bailing out the insurance companies and obama care in and of itself is a bailout. this is not a government takeover of health care as so many of your guesn a weekly basis. you can't have it both ways. this program brings 31 million new customers into their bank
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accounts. >> let's be honest, john. >> what part of this isn't controlled by government. it hits the nail on the head. this isn't capitalist, liberty, this isn't america. this is fascism, an economy that's supposedly privately owned but in reality, completely controlled, manipulated and as michelle said subsidized by government. we have billions of taxpayer dollars going to those -- i thought they were evil. they were supposedly evil. >> they are. >> the insurance companies to offset their losses, to share in their profits, subsidies for them and the unions get a free pass. this is obama's animal farm. >> when we were researching the story we pulled up that video tape of president obama and guess how he ended that sentence again, period.
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no more taxpayer funded bailouts, period. michelle, help me out here. >> what bothers me is that it seems every morning when we wake up there is a new fix to the law or we learn about this little known provision that they snuck in. this is providing this president with a blank check to the u.s. treasury for him to basically save him from the mess that he's in that day. every day there is something new. why not scrap the entire thing and start over again? >> there should be a fix when it's necessary. that's how effective governing works. if republicans would come to the table and say let's fix this instead of strapping it, that's what happened with social security and every major government program. >> quick thoughts? it's called prag ma tichl, anything goes, old laws, new laws, subsidies, more penalties, anything goes as long as you
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submit to obama care which is government force brought to health care. >> wayne, last thought. >> to answer the point, we have now an administrative government. it's not a government of checks and balances or somebody who represents the people. they represent politicians. it's all arranged by regulators and add minute straighters. the congress makes up the law as they go along and change it when it doesn't fit. >> unfortunately, we got to go, we ran out of time once again. we're going to get more time one of these days. coming up, why try to earn money when you can beg for it. the lesson a 6th grader got that will make your head spin. >> what is it about? it's about people that are being able to beg, but i can't raise money, work hard, have a good work ethic, but they can beg. and now my journey
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across the country has brought me to the lovely city of boston. cheers. and seeing as it's such a historic city, i'm sure they'll appreciate that geico's been saving people money for over 75 years. oh... dear, i've dropped my tea into the boston harbor. huhh... i guess this party's over. geico. fifteen minutes could save you fifteen percent or more on car insurance. on the table by not choosing the rit medicare d plan. no one could hav left this much money here. whoo-hoo-hoo! yet many seniors whoompare medicare d plans realize they can save hundreds of dollars. cvs/pharmacy wants to help you save on medicare expenses. talk to your cvs prmacist, ll, or go to cvs.com/compare to get your free, personalized pl comparison today. call, go online, or visit your local store today.
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>> coming up, how one little girl's work ethic earned her a spot on the naughty list this holiday season. then we the people of
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hello, everybody. i'm in washington. we're following breaking news out of california where 85-year-old u.s. war veteran merrill newman is set to arrive any moment. newman was pull fred a plane in october for alleged possible act during the korean war. we'll have the latest on his homecoming at the top of the hour. cold weather in the wake of deadly winter storm still causing major winter problems in the midwest, trying to clear ice off the roadways. what's worse is a second storm
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is now moving in from the west. that could spell big trouble for the east coast tomorrow. on tuesday, secretary of state don cherry is preparing questions for members of congress over the new iran bill. more on these and the rest of your top stories. coming up at the top of the hour, less than ten minutes away. stay with us. 11-year-old madison root from oregon giving a lesson about makers versus takers this holiday season. let's let her explain what happened. >> i was selling my mistletoe downtown next to skid more fountain for my braces. then a park patrol officer approached us and he said that we could not sell mistletoe within 250 feet of the park. we asked him about the people next to us begging for money and he said that that's okay for them to beg.
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>> so, jonathan, telling a kid to beg begs this question. are we teaching our kids to be takers instead of makers? >> kids and man in general are inclined to trade, not to beg. we're the thinking animal. we want to trade value for value, not conquer and beg and ask for favors from other people. this young girl, this young person just like a lot of young people whether it's lemonade stands or roadside sales, they're excited about the idea of making something and having somebody pay them for it. those are the type of values we should be teaching, independence, self reliance, not more dependency from uncle sam. >> can you believe that park ranger told her she couldn't sell her mistletoe? >> it's ridiculous. we should be promoting these kinds of things in is great this girl did this. unfortunately i will not be surprised if we find out uncle sam comes knocking on her door next year asking for money. this perfectly reflects what's wrong in this country right now. there are too many rules, too
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many regulations. it continues to get worse. in 2012 alone, the regulatory rules exceeded the amount that were in the first term of bush and clinton combined. it continues to get worse. that's why businesses aren't opening up. they can't afford to open up. they can't afford the licenses and permits that you have go through. it's ridiculous. >> the liberals have a war on christmas. we know that. now the work ethic, holiday time, really? >> not at all. first, little miss madison root, megan kelly, watch out because she's coming for your job. i don't think it was a park ranger, i think it was a security guard. he was probably making minimum wage which meant he was hungry business food stamps have been cut. he made a bad decision. >> oh, my gosh. >> and it was a ridiculous decisi decision. >> he did it because of the city rules. >> she absolutely is going to be a entrepreneur. and we should value that. >> i think i would hire this young lady, wouldn't you?
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>> in a heartbeat. i'm just laughing at her reach for that one. that goes a long way. no, this is a remarkable thing. this says -- jonathan is absolutely right. this is a case where capitalism is going to will out, regardless of what you do. in other words, the natural propensity to trade is so strong that she is producing something here that we all want to do and any time and she did a great job. >> all right. we're going to have to leave it there. again, a great week. thank you for joining us this week. coming up, a message from we the people, the washington, d.c. that could save us all a lot of money.to ter cozy? yep. got all the cozies. [ grandma ] with n fedex one rate, i could ll a box and ship it r one flat rate. so i kn untilt was full. you'd be crazy not to. is tt nana? [ male announcer ] fedex one rate. simple, flat rate shipping with the reliabily of fedex. to help secure retirements and protect financial futures. to help communities recover and rebuild.
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for companies going from garage global. on the ground, in the air, even into space. we repaid every dollar america lent us. and gave america back a profit. we're here to keep our promises. to help you realize a better tomorrow. from the families of aig, happy holidays.
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time for a what do i need to know for next week. you're first. >> well, i like ford motor. i talked about it in the past. really talking about the spirit of capitalism. they did not take a baitout and have done a great job. i talked about it when it was
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six. now it's up to about 16. it's done very well over the last three years. a great long-term play. >> great topical play as well given what we talked about earlier in the show. john, how about you? >> investors in u.s. bonds have lost money this year. a lot of u.s. rate sensitive stocks. partnerships like preferred stock rsz at or 52-week lows. this time i'm betting against bonds, they go up with ten-year yields. >> my friends weighing in, thank you very much. that's it for us. before we go, the constitution begins with we the people but why aren't our lawmakers listening? today we talked about detroit going bankrupt because some sleazy politicians made promises and expected we the people to pick up the tab. we talked about health care law that one small group of politicians demanded and a majority of we the people do not want but nothing changes and little madison root being told by a government employee it's
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okay to beg but not to work. we the people here at cashin' in are shaking our heads and speak up for you and demand a we the people be heard by they the government. have a great weekend. feel good. what are you going to do thing? >> go home and see my wife. >> korean war veteran merrill newman is finally a free man once again. there you saw him in china. he's looking forward to a long awaited reunion after more than a month in captive. they finally released the 85-year-old. his plane just landed. north korea held him for alleged hostile acts during the korean war. north korea released a video of him confessing to war crimes. hello, everybody. i'm in